International Institute of Business Studies (IIBS), has been imparting skill-based training for first-year New Batch students in the ongoing "Management Orientation Month (MOM)" starting from July 6th, 2022. So, during this series of activities, on July 21st, 2022, from 9.30 am to 1.45 pm, the "Business Model Canvas Workshop" was conducted for New Batch first-year students by Dr. Anilkumar. R, Entrepreneurship Resource Person. The motive behind the Business Model Canvas Workshop is to impart skills in the area of entrepreneurship. This skill is helpful in analysing business ideas. The session was received by students with utmost enthusiasm and participation. Students learned how to represent their product in the market, how it differs from conventional products, what the market requirements are, and what resources are available in the market by participating in this exercise. MBA in data analytics in Bangalore
Business Model Canvas:
Business Model Canvas Workshop has been designed to convey entrepreneurial skills to post-graduate students and to turn interested students into entrepreneurs in the next two years. One can also get a patent from their project.
Business models are vital to establishing new innovative items or strengthening current enterprises. This one-day immersive training and learning experience covered the fundamentals of generating business models utilising the business model canvas developed by Strategyzer and based on the blockbuster book Business Model Generation by Alexander Osterwalder.
In this workshop, students learned in-depth knowledge about the business model canvas, which helped them to flesh out their innovative ideas by mapping customer segments and value propositions they offer, the channels they will use to reach your customers, the relationships they will maintain with them, the key resources, activities, and partners entrepreneurs will need to deliver on your plan, along with the cost and revenue generation models. also taught the value proposition canvas to guarantee entrepreneurs are generating appealing products or services that fit our customers' wants and aspirations.
This is a hands-on training program delivered by utilizing participants' own ideas or services as well as using case studies from major firms like Apple, Amazon, Tesla, Google, Nestle, Uber, LinkedIn, and others. Participants left the session with a firm understanding of how all of the components of the business model canvas and value proposition canvas relate to one another, as well as the skills required to begin developing their own business model canvas, which is the foundation for your product's success. good MBA colleges in Bangalore
At the end of the training, students gave presentations and received valid feedback from Dr.Anilkumar.R. The activity was team-based, hence it was a lot of fun and amazing experiential learning for participants. top 10 MBA colleges in Bangalore
Content of Business Model Canvas:
Key Partners: In this, students may work in cooperation with different firms according to their goods. By doing this, students received the notion of what a market scenario is, where optimization in product and cost may be done, from where they acquired raw materials for their product. MBA colleges in Bangalore list
• Key Activities: In this section, students learn about how they will market their products to customers. They might use the media, such as radio, newspapers, etc., for the promotion of the goods.
• Value Proposition: This is where one can immediately connect with consumer needs. In this way, they will make the buyer aware of their goods. It is unclear how it is superior to traditional goods and what type of services it will provide to customers.
• Key Resources: In this section, students learned about the types of industries from which they will obtain raw materials for their product.
• Client Relationship: In this section, students learn how to manage a customer's relationship by providing them with appealing services.
• Consumer Segmentation: Separate customers based on their product. What kind of consumers can they target with their product?
• Channel: Through this, students learn how to approach clients. Which medium they should use for the marketing of their goods is unknown.
• Cost Structure: They may entice customers to buy their products by offering attractive price discounts. In which department should they have to invest more?
• Revenue Stream: In this section, students learned where revenue from their goods would be generated. The price may be negotiated based on the needs of the client. How it can save money when compared to similar products on the market?
• Developing outstanding value propositions
• Determining important client market segments
• Gaining an understanding of our customers' tasks, pains, and gains
• Determining the best customer channel for our product and industry
• Maintaining an appropriate level of interaction with our customers
• Outlining the necessary resources and activities to support our business model.
. Examining the benefits and drawbacks of alternative collaboration opportunities
. Using different cost structure
• Considering potential revenue models
• Validating our business strategy.
• Examining the benefits and drawbacks of various collaboration opportunities
• Using various cost structures
• Examining possible revenue models
• Putting our business strategy to the test
Business model canvas is beneficial to students to begin entrepreneurship careers or learn entrepreneurship skills or become successful managers and accomplish the ideal of "Make in India". One may develop an excellent product from their endeavor. Increase manufacturing unit/ services units in India & increase the economy of India.
All the first-year PGDM participated in this session and acquired the skills of constructing a Business Model Canvas.
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